UBA planning to expand in South Africa and Angola
The bank made the announcement at the Davos World Economic Forum.United Bank for Africa (UBA) has revealed it will soon expand its operations to Angola and South Africa as
largest market, Nigeria, is hit by falling oil prices.
The country is struggling to cope with crude prices that plunged by more than half in the past six months, which caused the naira to devalue and interest rates to rise to a record 13 per cent.
"For us at UBA we have looked at various phases of our African plane and the first phase is what we have just completed; our presence in 19 African countries represent the strategic
markets across Africa probably with the exception of Angola and
South Africa," UBA chef executive officer Phillips Oduoza said during the World Economic Forum in Davos, quoted by Citifmonline.
He explained that the Angolan and South African Markets will be part of the bank’s next phase of expansion, as the bank is currently consolidating its presence in other African countries where they already operate.
"We are looking at a very big segment which is the trade flow between
South Africa and Nigeria and this has been on the increase and when we enter South Africa, this is going to be the strategic area we are going to focus on", he concluded.